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2022-12-31-accounts

DocuSign Envelope ID: 99E84E6B-CF26-46D8-BF00-1E37ECEAE0D2

Charity registration number 1058879

Company registration number 03261721 (England and Wales)

REDEMPTORIST PUBLICATIONS

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

DocuSign Envelope ID: 99E84E6B-CF26-46D8-BF00-1E37ECEAE0D2

REDEMPTORIST PUBLICATIONS

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Rev R Reid Rev A Burns Rev T Buckley Rev E Gweme Rev R Maidwell (Appointed 11 January 2023) Rev D McBride (Appointed 11 January 2023) Secretary Rev D McBride Charity number 1058879 Company number 03261721 Principal address Wolfes Lane Chawton Alton Hampshire GU34 3HQ Registered office Wolfes Lane Chawton Alton Hampshire GU34 3HQ Auditor Fiander Tovell Limited Stag Gates House 63/64 The Avenue Southampton Hampshire SO17 1XS Solicitors Pothecary Witham Weld 70 St George's Square London SW1V 3RD

DocuSign Envelope ID: 99E84E6B-CF26-46D8-BF00-1E37ECEAE0D2

REDEMPTORIST PUBLICATIONS

CONTENTS

Page
Trustees' report 1 - 8
Independent auditor's report 9 - 11
Statement of financial activities 12
Balance sheet 13
Statement of cash flows 14
Notes to the financial statements 15 - 27

DocuSign Envelope ID: 99E84E6B-CF26-46D8-BF00-1E37ECEAE0D2

REDEMPTORIST PUBLICATIONS

TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT) FOR THE YEAR ENDED 31 DECEMBER 2022

The Trustees present their annual report and financial statements for the year ended 31 December 2022.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".

Objectives and activities

The main activity of the Charity is the publication and distribution of religious material for both the Catholic Church and Anglican Communion. All activities are faithful to Church teachings for the purposes of the advancement of the charitable objectives, and the advancement of religion. The nature of this religious material is regularly reviewed so as to continually meet the needs of the people who access it: Catholic priests, Clergy and practitioners from other Christian faiths, the laity and also individuals with no explicit religious faith drawn to publications which fall into the categories of Spirituality and Wellbeing. In addition to Church and parish communities the Charity’s activities serve the education sector, families and those at the margins of society. Some of the publications are translated, through foreign rights agreements so as to make them accessible to speakers of other languages.

In identifying and setting the aims and objectives for the Charity’s priorities for 2022, the Charity gave careful consideration to the Charity Commission’s general guidance on public benefit. The objects for which the Charity was established, as set out in the Memorandum and Articles of Association, are “The charitable purposes which advances the religious and other charitable work for the time being carried on by, or under the direction of the Society, being the voluntary association of men known as The Congregation of the Most Holy Redeemer".

Achievements and performance

In June 2022 the results of the 2021 national census revealed that 46% of population identified itself as Christians, compared with 59.3% of the population in the 2011 census. This is a drop of 13% in a decade. It could be that the 2021 census will be remembered as the one in which Christianity became a minority religion in England and Wales.

Despite the external challenges, including the economic and environmental climate, in 2022 the Charity zealously progressed objectives set out in the 2022-24 Strategic Plan. Key highlights included appointment of three new employees to support and increase marketing and sales activities (including the creation of a new post for a Head of Department for Sales, Distribution and Customer Care); publishing of a major resource for education; the creation of a draft outline for environmental sustainability; and a successful external assessment of health and safety risk management.

To further support the Charity’s major customer group, direct communications with parishes were increased in 2022 prioritising the Charity’s Liturgical resources and Sacramental programmes. I Belong, one of the Charity’s First Holy Communion programme continued to be its best-selling Sacramental resource with LOOK, its primary Mass sheet for children also appearing in the top-ten best seller list. The Charity is the largest charity in the UK publishing one-time use Sunday sheets for use in parishes and in 2022 continued to offer parish priests a variety of weekly sheets although for the first time in sixteen years, it became necessary to increase the price of these invaluable resources due to significant increases in paper costs, print and postage. The publisher used paper which was Forest Stewardship Council (FSC) certified, meaning it meets the "gold standard" in ethical production (which is not necessarily the case for all suppliers).

The Charity has been active in the education sector for many years and in 2022 published the set of 12 books for Reception year primary school pupils in the Faith in Phonics™, series. In August 2022, the UK trademark for Faith in Phonics® was registered at the UKIPO. Following acceptance on formal grounds by the International Bureau, Faith in Phonics® was registered as an International trademark; subsequently the International Registration has been protected in Australia, accepted in Ireland, and is awaiting examination before the United States Patent and Trademark Office. The series supports the development of children’s reading when taught using systematic synthetic phonics and has been commended by Ofsted in its review ‘...Faith in Phonics™ will support Section 48 inspections too, through providing pupils with the opportunity to discover and learn about bible stories and by improving the quality of provision available for the Catholic/Christian life of the school.

DocuSign Envelope ID: 99E84E6B-CF26-46D8-BF00-1E37ECEAE0D2

REDEMPTORIST PUBLICATIONS

TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

It is important for schools to offer a depth and breadth of RE resources and Faith in Phonics™ helps children to develop a strong concept of God’s all-encompassing love…’ The phonics used and developed through the books meets the expectations for England of the government policy paper, The reading framework (2021), the Ofsted Inspection Framework (2021), the National Curriculum (2014) and the Phonics Screening Check.

The partnership with the Dominican Sisters of St Joseph, Lymington for the delivery of a weekly Children’s Liturgy video resource, available through YouTube (>10,000 views in 2022) and the Charity’s website, continued. Charitable donations were made to the Sisters for their contributions to the Charity’s mission. Customer feedback provides affirmation for this ministry ‘We love the work of the sisters and are looking forward to the next video!’ and ‘We watch as a family before we go to Mass, so that the children understand the reading a bit better. They love it!’.

The Charity is committed to its on-going support for children and families, and the new Faith in Phonics reading scheme together with the Sacramental programmes, Sunday single-use sheets for children, the on-line weekly Children’s Liturgy delivered by the Sisters of St Joseph, the primary school Homework Diaries and The Catholic Personal Planner for secondary school children all demonstrate the Charity’s on-going commitment to its mission to support Christians at every stage of their faith journey .

The Charity continued to offer original icons produced by its resident iconographer. In 2022 a highlight was the writing and production of the St Bernadette icon which was added to the Charity’s list of nine commissioned icons.

In 2022 the Charity, responding to enquiries, developed a new initiative, especially for the housebound, enabling customers to request the celebration of Holy Mass for friends and family. Customers select one of the in-house designed Mass Intention cards and this is personalised by the Charity and sent directly to the recipient. Mass Intentions are privately celebrated by the Charity’s Publishing Director who is an ordained priest of the Congregation of the Most Holy Redeemer.

Partnerships remained an important aspect of the Charity’s business model as these broaden the Charity’s product range to meet the needs of its customers. One example of a new partnership in 2022 saw the Charity becoming the exclusive UK Distributor of The Sacred Heart Messenger. This magazine has been an intrinsic part of Catholic households in Ireland for many years.

Closer to home, the Charity provided a work placement opportunity for a student from Treloar College. The Charity provided an experience of working in its Customer Care Centre, Editorial and Marketing departments. The College’s Work Experience Co-ordinator said “I just wanted to pass on a huge thank you for supporting our student so well this week with her work experience. This was a very big step for her to work in an unfamiliar setting with people she doesn’t know, as she can be quite reticent and shy, so I cannot understate how positive this experience was for her. Thank you all again.”

The Charity continued to make itself accessible to its customers by offering a range of purchasing solutions including staffing bookstands at major conferences related to its priority markets, knowledgeable and skilled Customer Care Centre for telephone orders, email ordering process and web sales. Sales income generated through the Charity’s website grew in 2022 by just under 200% when compared with the pre-pandemic figure in 2019.

Digital assets

While each year new resources are added to the Charity’s digital collection, our audience and customer base continue to explore and use earlier resources, proving their long-lasting quality and the ability to exponentially increase our online presence and the success of our mission of inspiring, educating, encouraging and supporting the Catholic and Christian community . To evidence this, the Requiem Mass video, published in 2020, has become the most viewed video in 2022.

New in 2022:

DocuSign Envelope ID: 99E84E6B-CF26-46D8-BF00-1E37ECEAE0D2

REDEMPTORIST PUBLICATIONS

TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

In 2022, the Charity’s digital media resources received 131,600 views, with a total ‘watching time’ of 33,500 hours and recorded 556 new subscribers. Over 400,000 video thumbnails (impressions) were made exposing viewers to the Charity’s branding.

The Charity’s has created a global online community with 52% of its viewers based in the UK, 7.6% in the USA, 4.3% in Australia, 3.2% in Ireland, 2.5% in the Philippines and high percentages from India, Canada, New Zealand etc.

Fundraising

Overall income from fundraising activities in 2022 totalled £62k (£1k in 2019, £73k in 2020, £68k in 2021). The overwhelming majority of the donations were linked to the online celebrations of Sunday Mass. Through the Garden Mass the Charity aims to build and maintain a community of supporters although there is no obligation or requirement for donations.

The Charity’s fundraising activities do not incur costs. The Charity does not engage with external professional fundraisers or commercial participators to carry out fundraising activities nor does it engage in face-to-face or telephone fundraising actions. The Charity has never received complaints about its fundraising activities.

Charitable donations

The priorities in 2022 for the Charity’s Charitable donations were made to the Charity’s Redemptorist confreres in Lviv, Ukraine; The London Province of the Most Holy Redeemer which channelled the donations to support the Province’s sick and elderly confreres, sponsored the work of priestly formation, and supported the Redemptorist outreach work in Zimbabwe, particularly Caritas in Harare and the Mavambo Orphan Care. The Charity’s donations to the London Province of the Congregation of the Most Holy Redeember contributed to funds sent to Zimbabwe

The garden mass

The filming of the Garden Mass, which started on Sunday 22 March 2020 as a response to the impact the pandemic had leading to the closure of all parish churches, continued to be available on a weekly basis throughout 2022. This pastoral resource became the single most important contribution to the fulfilment of the Charity’s mission in 2022.

The Mass prayer petitions (which are received from across the globe) and the YouTube comments evidence that the e-community which has evolved looked to the Garden Mass to nourish and sustain them during the year and this was especially significant for the housebound. YouTube studies reveal that over 114 million active YouTube channels exist although most of them fail to survive their first year. The Charity continues to have over 1000 active followers with 1800 views per Mass, resulting in an estimate of 3000 people watching every week.

Special note

Despite the challenges it faced, and the many successful outcomes achieved in 2022, it was with heavy hearts that the Charity ended the year having received word in December that one of its employees had died suddenly. This employee had been a stalwart of the editorial team having worked for the Charity for over 20 years. Our thoughts and prayers continue to be with family members and loved ones.

Financial review

The full detailed figures for financial activities are shown in the accounts. However, it is appropriate to comment on some key points.

The original budget for 2022 aimed to bring the Charity back to a small operating surplus of £20k before donations of c£100k paid to the Congregation. The underlying performance of the charity was very similar to 2021, with the exception of the unrealised gains and losses on investments. In 2021 our investments performed extremely well, but in line with market trends this growth was reversed in 2022.

The targets for the next 3 years are to a) return the Charity to achieving a small retained surplus and b) continue to make sufficient surpluses to fund charitable donations to the Congregation of the Most Holy Redeemer.

DocuSign Envelope ID: 99E84E6B-CF26-46D8-BF00-1E37ECEAE0D2

REDEMPTORIST PUBLICATIONS

TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

Financial review

The effects of the pandemic continued into 2022 and sales are approximately 75% of pre pandemic levels. Churches continue to experience lower attendance, which has impacted upon the sales of our weekly sheets and other liturgical programmes. Whilst sales are lower than pre pandemic levels they have improved 10% on 2021 sales figures.

Income for the Charity is derived traditionally from the sales of three main product lines, the Weekly Sheets which are distributed to the parishes, production of our own RP books and resources and a distribution service. During 2020 another source of income was derived from donations made to the Charity largely due to the on-line mass provided each week and this new income stream continued throughout 2022. Total sales in 2022, including this new income stream, amounted to £1.519m, which compares favourably with the 2021 sales of £1.394m.

In 2022 there were extra costs due to general inflationary pressures and meeting the needs of our customers. During the year we outsourced our IT provision and increased our sales team. In addition, we no longer had the benefit of the Government Furlough scheme.

The Charity continues to actively monitor its stock levels and has continued to revalue stock where appropriate. Stock value is £196k (2021 £264K).

The Charity has closely monitored its cash position throughout the year to ensure it has sufficient flexibility to perform its mission and deliver its objectives. At the start of the year cash balances were £256k which has increased to £346k by year end. The Trustees have provided a short-term loan of £200k to maintain flexibility without the need to draw upon investments in this volatile period.

The Charity’s fixed assets mainly comprise the land and buildings and the Charity commissioned an independent valuation to assess their value relative to the cost reported in the accounts. The market value has deemed to be between £2m to £2.7m dependent upon whether the whole site is available for redevelopment. This compares to a value on the balance sheet of £915k.

Reserves policy

The Charitable Company’s reserves are all unrestricted. It is the policy of the Charitable Company to hold reserves in its unrestricted general funds which have not yet been committed or designated for any particular purpose. Our reserves are designed to be between one year and 18 months of annual turnover. This is to protect the Charity against risk in the market and ensure the on-going continuation of the Charitable mission.

The sum of £518,846 has been identified as a reserve for St Clements, £302,801 for office buildings and £1,000,000 as working capital to support the business. Much of the general reserves are available to provide the Congregation of the Most Holy Redeemer with a financial cushion as it seeks to maintain some of its apostolic ventures and ensure proper provision can be made for its elderly and sick priests and brothers, and an amount has been identified as general reserves. At 31 December 2022 the general reserves amounted to £2.29m (£2.68m at December 2021).

The reserves are sufficient for the working capital requirements to allow for continued research and development so that the Charity can develop new resources in a variety of media and meet its overall objectives.

Investment policy

The investment policy is to have a diverse and cautious portfolio of investments in order to minimise risk or capital loss. The Trustees have the power to invest in such assets as they see fit in keeping with the Charity's ethical and moral principles. The policy is to maintain income whilst preserving the real value of investment assets for use in meeting the Charity's objectives.

The investment fund is regularly monitored and reviewed with the Financial Advisor. In this they are guided by the following principles:

In keeping with good practice, the Trustees endeavour, by the prudent investment of assets, to a) supplement the income of Redemptorist Publications; to help the Charity carry out its purposes effectively in the short term and b) to maintain and, if possible, to increase the value of the invested funds to secure the long-term future of Redemptorist Publications.

During 2022 the investments declined in value by £141k and offset the growth that occurred in 2021.

DocuSign Envelope ID: 99E84E6B-CF26-46D8-BF00-1E37ECEAE0D2

REDEMPTORIST PUBLICATIONS

TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

Risk management

The risks to which the charity is exposed, as identified by the RPTC and Trustees, have been reviewed and systems and procedures have been established to manage these risks. The Leadership Team reviews the risk register regularly, especially when considering changes to agreed plans or potential new opportunities.

Examples of potential risks and mitigation in 2022 included:

Risk Mitigation
Church attendance in UK continues to decline impacting
upon the Charity’s sales		 Expand markets to other Catholic countries
Raise awareness through a wider range of
marketing channels of the Charity’s products
Insufficient IT capacity and a lack of investment in IT
systems could directly impact on the Charity’s ability to
launch and deliver its strategy priorities.		 A robust IT system is fundamental to the
Charity’s long-term sustainability. All hardware
and software is upgrade on a rolling-
programme.
Transition to virtual working could result in additional
cyber risks via use of malware (e.g., viruses and
ransomware). These could result in data theft and
identity fraud. Data breach would result in reputational
damage and possible GDPR fines.		 The charity enhanced its cyber security by
outsourcing its IT support to professional
specialists and updated software, continued
regular anti-virus updates together with off-site
server back-ups.
Health & Safety – Insufficient attention given to the legal
requirements and welfare of employees and visitors.		 Operational risks regularly re-evaluated. H&S
risk assessments carried out by external,
independent Risk Assessor each year - action
plans delivered in year.
The Charity’s activities are mainly office and
warehouse based. However, it is recognised
that some employees travel and work from
home as hybrid workers. These risks are
regularly assessed as set out in the Charity’s
Employee Handbook.
Finance processes fail to meet business needs. Internal and external audit reviews, including
controls, regularly undertaken.
Trustees fail to take responsibility for delivery of duties
(requirement of Charity Commission) including legal
responsibilities

Induction and training of new Trustees. New
Trustees receive training and are informed of
their legal obligations under charity law.
Regular reports to the RPTC ensure that the
Trustees (through the Chair and one other
RPTC Trustee) are aware of strategic
priorities and performance.
Failure to retain RP’s reputation as a leading Catholic
publication house.
Systems in place to review content of new
publications
throughout
planning
and
development cycle for each product.
Where required, RP seeks the appropriate
Imprimatur and Nihil Obstat.
Publication of new titles each year to ensure the
Charity remains current and appeals to a broad
range of customers.

DocuSign Envelope ID: 99E84E6B-CF26-46D8-BF00-1E37ECEAE0D2

REDEMPTORIST PUBLICATIONS

TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

Plans for the future

In 2021 a new Strategic Plan (2022-24) was completed. The priorities for the coming years include a focus on business objectives which will continue to drive recovery despite the on-going impact on the Church of the Covid pandemic and the economic downturn of 2022/23. At the same time the Charity will maintain its commitment to its mission and customers and continue to aim to be a positive influencer raising awareness of Christian values and spirituality.

A major focus for the Charity in 2023 and 2024 will be to research and develop plans for publishing within the new Redemptorist Federation – a merger of the London Province with the Irish, Munich-Vienna and St Clement’s provinces of Western Europe. The creation of the Federation will see Redemptorist Publications developing its position as the largest Redemptorist publishing house in Western Europe.

In these times of external instability, the Leadership Team will, in 2023, prepare a report for the RPTC and Trustees to present its proposals for future-proofing the Charity and its assets. Looking ahead, there is reason to be optimistic with the creation of the new Redemptorist Northwest Federation and opportunities which have been identified to grow its market share off-shore.

During 2023 the Trustees will seek to appoint two new members to the RPTC who will contribute their specialist knowledge and skills to support the RPTC deliver its strategic priorities.

Structure, governance and management

Redemptorist Publications is a Charitable Company limited by guarantee, having no share capital. The objects for which the Charitable Company is established are set out in the Memorandum and Articles of Association dated 11 July 1996. The Charitable Company was incorporated on 10 October 1996.

All the Trustees are priests of The Congregation of the Most Holy Redeemer, which was authorised by the Roman Catholic Church as a religious order in 1749 and which has spread to most countries throughout the world. The Congregation for the Most Holy Redeemer has been working in the UK since 1845 and has been developing its publication work since 1960.

Trustees are elected by members of the Congregation of the Most Holy Redeemer for a term of four years; the Provincial Superior (Chairman) cannot hold office for more than three terms unless permission is granted by the Congregation’s General Superior. Trustees are trained within the ordinary procedures of the Roman Catholic Church and are subject to the laws of the Church. For finance and civil law matters the Trustees are aware of the importance of seeking appropriate professional advice.

Trustees for the year ended 31 December 2022

Rev C Corrigan (Resigned 11 January 2023) Rev R Reid Rev A Burns Rev T Buckley Rev E Gweme Rev C Randall (Resigned 21 August 2022) Rev R Maidwell (Appointed 11 January 2023) Rev D McBride (Appointed 11 January 2023)

DocuSign Envelope ID: 99E84E6B-CF26-46D8-BF00-1E37ECEAE0D2

REDEMPTORIST PUBLICATIONS

TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

In addition to the three OPC (Ordinary Provincial Council) post-holders, three Trustees are appointed every four years by all the confreres of the Congregation of the Most Holy Redeemer, London Province. The Trustees delegate the daily running of the Charity to the Redemptorist Publications Trustees’ Committee (RPTC). Two members of the OPC are part of the RPTC. The Trustees named in this report form the Directors of the Charitable Company with the exception of Father Denis McBride. The power to appoint or elect Trustees of the Charitable Company rests with the board of Trustees. Appointing new members of the Redemptorist Publications Trustees Committee (RPTC) rests with this committee.

The Trustees of Redemptorist Publications are also Trustees of The Congregation of the Most Holy Redeemer (Registered Charity number 252041, Scotland Registration number SCO39359) and The Ace of Clubs (Registered Charity number 1055187, Registered Company number 03080066). Both charities share similar objectives to Redemptorist Publications; to spread the Christian Gospel message and to help those in society who are in greatest need. The work of the Congregation of the Most Holy Redeemer is managed by fundraising and donations. It does not receive any grants for the education of students or the administration of the parishes.

Trustees for year ended December 2021 Rev R Reid CSsR (Chair) Rev A Burns CSsR Rev T Buckley CSsR Rev C Corrigan CSsR Rev C Randall CSsR Rev E Gweme CSsR

The Redemptorist Publications Trustee Committee (RPTC)

In accordance with Article 42 of the Articles of Association, the Trustees of Redemptorist Publications generally delegate their powers to a committee on an annual basis. In 2022 the Trustees started the process of reviewing and updating the Scheme of Delegation. The aim is to complete the work during 2023/24.

The RPTC consists of some of the Trustees, (usually two) and five other advisors, usually lay men and women, providing specialist business acumen. The skills mix of the advisors is regularly reviewed with new members being appointed as and when appropriate. In 2022 two lay advisors to the RPTC were professional HR specialists with one being an employment law solicitor. Another advisor had extensive knowledge of the needs of the Charity’s core customers, parish priests and catechists, drawing on his professional role as leading on Evangelisation and Catechesis for a diocese. Another advisor supported the Charity by drawing upon his extensive experience and expertise of charity governance and business acumen.

The RPTC meets quarterly to review activities including monitoring performance against key objectives, strategic and operational. In 2022 all meetings were organized using Zoom software. Regular reports include: Director’s report, year-to-date Finance report, Editorial projects, Workforce updates, Estates and Health & Safety.

Strategic business management is delivered by the Publishing Director and the other two members of the Leadership Team. In 2022 day-to-day operational activities were managed by the Heads of Departments.

The organisation structure provides for two lay key management posts. These posts are recruited by the RPTC, and with the Publishing Director (who is always an ordained Redemptorist Priest of the London Province) form the Leadership Team. Pay and remuneration for the Leadership Team is agreed by the RPTC and benchmarked to appropriate specialist salaries for similar posts within the Charitable and publishing sectors.

Trustees do not receive payment for their services although are entitled to submit travel expenses for attending meetings. There were no travel expenses submitted by the trustees in 2022. Expenses for the RPTC advisors totaled £nil (£nil 2021).

DocuSign Envelope ID: 99E84E6B-CF26-46D8-BF00-1E37ECEAE0D2

REDEMPTORIST PUBLICATIONS

TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

Statement of Trustees' responsibilities

The Trustees, who are also the directors of Redemptorist Publications for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Trustees are inducted and trained as and when they are appointed.

Auditor

In accordance with the company's articles, a resolution proposing that Fiander Tovell Limited be reappointed as auditor of the company will be put at a General Meeting.

Disclosure of information to auditor

Each of the Trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

The Trustees' report was approved by the Board of Trustees.

.............................. Rev R Reid Trustee 29/8/2023 | 12:08 BST

.............................. Rev A Burns Trustee

Date: .............................................

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REDEMPTORIST PUBLICATIONS

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF REDEMPTORIST PUBLICATIONS

Opinion

We have audited the financial statements of Redemptorist Publications (the ‘Charity’) for the year ended 31 December 2022 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

DocuSign Envelope ID: 99E84E6B-CF26-46D8-BF00-1E37ECEAE0D2

REDEMPTORIST PUBLICATIONS

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF REDEMPTORIST PUBLICATIONS

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within the Trustees' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the statement of Trustees' responsibilities, the Trustees, who are also the directors of the Charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

DocuSign Envelope ID: 99E84E6B-CF26-46D8-BF00-1E37ECEAE0D2

REDEMPTORIST PUBLICATIONS

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF REDEMPTORIST PUBLICATIONS

Audit response to risks identified

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

This report is made solely to the company’s members, as a body, in accordance with section 391 of the Companies Act 2014. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Adam Buse ACA (Senior Statutory Auditor) for and on behalf of Fiander Tovell Limited

1/9/2023 | 08:50 BST

.........................

Chartered Accountants Statutory Auditor

Stag Gates House 63/64 The Avenue Southampton Hampshire SO17 1XS

DocuSign Envelope ID: 99E84E6B-CF26-46D8-BF00-1E37ECEAE0D2

REDEMPTORIST PUBLICATIONS

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2022

Unrestricted Unrestricted
funds funds
2022 2021
Notes £ £
Income and endowments from:
Government grants 3 - 108,082
Charitable activities 4 1,519,142 1,394,066
Investments 5 671 22
Other income 6 - 2,315
Total income 1,519,813 1,504,485
Expenditure on:
Charitable activities 7 1,766,975 1,745,500
Net gains/(losses) on investments 11 (141,564) 142,321
Net movement in funds (388,726) (98,694)
Fund balances at 1 January 2022 2,677,376 2,776,070
Fund balances at 31 December 2022 2,288,650 2,677,376

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

DocuSign Envelope ID: 99E84E6B-CF26-46D8-BF00-1E37ECEAE0D2

REDEMPTORIST PUBLICATIONS

BALANCE SHEET

AS AT 31 DECEMBER 2022

|2022
Notes
£
£
Fixed assets
Tangible assets
13
956,897
Investments
14
844,234
1,801,131
Current assets
Stocks
15
196,751
Debtors
16
341,995
Cash at bank and in hand
346,546
885,292
Creditors: amounts falling due within
one year
17
(397,773)
Net current assets
487,519
Total assets less current liabilities
2,288,650
Income funds
Unrestricted funds
Designated funds:
St Clements fund
518,846
Office buildings fund
302,801
Working capital reserve
1,000,000
20
1,821,647
General unrestricted funds
350,513
Revaluation reserve
116,490
2,288,650
2,288,650
The financial statements were approved by the Trustees on .........................
..............................
..............................
Rev R Reid
Rev A Burns
Trustee
Trustee
29/8/2023 | 12:08 BST|2021
£
£
989,670
985,798
1,975,468
264,116
314,602
256,904
835,622
(133,714)
701,908
2,677,376
518,846
302,801
1,000,000
1,821,647
735,709
120,020
2,677,376
2,677,376|2021
£
£
989,670
985,798
1,975,468
264,116
314,602
256,904
835,622
(133,714)
701,908
2,677,376
518,846
302,801
1,000,000
1,821,647
735,709
120,020
2,677,376
2,677,376| |---|---|---| |||1,975,468
701,908| |||2,677,376| |||2,677,376| |||2,677,376| ||||

Company registration number 03261721

DocuSign Envelope ID: 99E84E6B-CF26-46D8-BF00-1E37ECEAE0D2

REDEMPTORIST PUBLICATIONS

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2022

Notes
Cash flows from operating activities
Cash generated from/(absorbed by)
operations
23
Investing activities
Purchase of tangible fixed assets
Proceeds from disposal of tangible fixed
assets
Investment income received
Net cash used in investing activities
Net cash used in financing activities
Net increase/(decrease) in cash and cash
equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2022
£
(9,130)
-
671		 £
98,101
(8,459)
-
89,642
256,904
346,546		 2021
£
(12,563)
4,100
22		 £
(62,799)
(8,441)
-
(71,240)
328,144
256,904

DocuSign Envelope ID: 99E84E6B-CF26-46D8-BF00-1E37ECEAE0D2

REDEMPTORIST PUBLICATIONS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

1 Accounting policies

Charity information

Redemptorist Publications is a private company limited by guarantee incorporated in England and Wales. The registered office is Wolfes Lane, Chawton, Alton, Hampshire, GU34 3HQ.

1.1 Accounting convention

The accounts have been prepared in accordance with the Charity's memorandum and articles of association, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016). The Charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

The unrestricted funds of the Charitable Company are divided into designated funds and general reserves. Designated funds are determined by the trustees from time to time and are held for specific purposes.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Income

All incoming resources are included in the statement of financial activities when the Charitable Company is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:

Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

1.5 Expenditure

Expenditure is recognised on an accruals basis when a liability is incurred.

Charitable expenditure comprises expenditure by the Charitable Company in furtherance of the general objectives of the Charity.

Support costs include central functions and have been allocated to the activity cost categories on a basis consistent with the use of resources within these activities.

DocuSign Envelope ID: 99E84E6B-CF26-46D8-BF00-1E37ECEAE0D2

REDEMPTORIST PUBLICATIONS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

1 Accounting policies

(Continued)

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is calculated to write down the cost, or valuation, less estimated residual value of all tangible fixed assets, other than freehold land, held for charity use. Single items costing less than £1,000 are not capitalised.

Freehold property 50 years straight line Plant and machinery 15% reducing balance Computers 3 to 5 years straight line Motor vehicles 25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

St Clements is not depreciated on the basis that the residual value is considered to be in excess of cost and therefore the depreciable amount is £nil. The asset is reviewed for impairment on an annual basis.

1.7 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.8 Impairment of fixed assets

At each reporting end date, the Charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.9 Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost. Stock is accounted for on an average cost basis.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

Stock provisions are considered for items meeting the policy shown in note 2. Provisions are also considered in respect of slow moving or obsolete product lines on an individual basis.

1.10 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

DocuSign Envelope ID: 99E84E6B-CF26-46D8-BF00-1E37ECEAE0D2

REDEMPTORIST PUBLICATIONS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

1 Accounting policies

(Continued)

1.11 Financial instruments

The Charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Charity's balance sheet when the Charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Charity’s contractual obligations expire or are discharged or cancelled.

1.12 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the Charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13 Retirement benefits

The Charitable Company operates a money purchase pension scheme. Contributions are charged to the statement of financial activities as incurred. The pensions scheme's assets are held separately from those of the Charitable Company and are managed by independent fund managers, who are responsible for matters of the investment policy and the actual payment of pensions to the persons so entitled to it.

1.14 Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in net expenditure for the period.

DocuSign Envelope ID: 99E84E6B-CF26-46D8-BF00-1E37ECEAE0D2

REDEMPTORIST PUBLICATIONS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

1 Accounting policies

(Continued)

1.15 Debtors

Trade and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid.

1.16 Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount.

1.17 Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

2 Critical accounting estimates and judgements

In the application of the Charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Stock provisions

Stock is held at the lower of cost and net realisable value.

At the year end, management reviews each line of stock, considering the number of units held sales in the last 12 and 24 months and whether there is any reason that a stock item might be or might become obsolete and a provision is then calculated.

The total stock provision for the year is £103,165 (2021 - £128,046).

3 Government grants

**Total ** Unrestricted
funds
2022 2021
£ £
Government grants - 108,082

The government grants received were classified as unrestricted income. There was no income in respect of government grants received in 2022.

DocuSign Envelope ID: 99E84E6B-CF26-46D8-BF00-1E37ECEAE0D2

REDEMPTORIST PUBLICATIONS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

4 Charitable activities

Publication sales
Royalties
Postage, carriage and sundry costs
Donations		 2022
£
1,280,466
19,226
129,899
89,551
1,519,142		 2021
£
1,187,942
(7,137)
144,373
68,888
1,394,066

Charitable trading income

All charitable activity income is in relation to unrestricted funds.

5 Investments

**Unrestricted ** Unrestricted
funds funds
2022 2021
£ £
Interest receivable 671 22
Other income
**Total ** Unrestricted
funds
2022 2021
£ £
Net gain on disposal of tangible fixed assets - 2,315

6 Other income

DocuSign Envelope ID: 99E84E6B-CF26-46D8-BF00-1E37ECEAE0D2

REDEMPTORIST PUBLICATIONS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

7 Charitable activities

Donations
Publication and distribution of religious materials
Staff recruitment, training and welfare
Postage and stationery
Advertising, conferences and sponsorship
Travel and motor expenses
Legal and professional fees
Computer maintenance
Finance costs
Share of support costs (see note 8)
Share of governance costs (see note 8)		 2022
£
117,210
745,382
11,374
19,824
43,012
8,682
861
66,193
20,957
1,033,495
720,730
12,750
1,766,975		 2021
£
108,508
773,877
3,768
21,317
28,494
3,576
2,372
44,025
14,215
1,000,152
734,228
11,120
1,745,500

DocuSign Envelope ID: 99E84E6B-CF26-46D8-BF00-1E37ECEAE0D2

REDEMPTORIST PUBLICATIONS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

8 Support costs

Staff costs
Depreciation
Repairs and renewals
Telephone and fax
Rent, rates and service
charge
Insurance
Light and heat
Sundry expenses
Audit fees
Analysed between
Charitable activities		 Support
costs
Governance
costs
£
£
622,351
-
41,903
-
6,702
-
10,385
-
4,058
-
6,719
-
15,351
-
13,261
-
-
12,750
720,730
12,750
720,730
12,750		 2022
£
622,351
41,903
6,702
10,385
4,058
6,719
15,351
13,261
12,750
733,480
733,480		 Support
costs
Governance
costs
£
£
632,659
-
47,507
-
9,293
-
10,749
-
7
-
5,134
-
15,855
-
13,024
-
-
11,120
734,228
11,120
734,228
11,120		 2021
£
632,659
47,507
9,293
10,749
7
5,134
15,855
13,024
11,120
745,348
745,348

Support costs are allocated between activities on a basis consistent with the use of resources within these activities.

Governance costs includes payments to the auditors of £12,750 (2021 - £11,120) for audit fees. Included in this £2,000 (2021 - £2,000) was for other financial services.

9 Trustees

None of the Trustees (or any persons connected with them) received any remuneration during the year.

There were also no travel expenses reimbursed to the Congregation of the Most Holy Redeemer, a related charity, regarding the trustees during the year.

10 Employees

The average monthly number of employees during the year was:

2022 2021
Number Number
24 24

DocuSign Envelope ID: 99E84E6B-CF26-46D8-BF00-1E37ECEAE0D2

REDEMPTORIST PUBLICATIONS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

10
Employees
Employment costs
Wages and salaries
Social security costs
Other pension costs		 (Continued)
2022
2021
£
£
548,032
565,617
46,361
39,752
27,958
27,290
622,351
632,659		 (Continued)
2022
2021
£
£
548,032
565,617
46,361
39,752
27,958
27,290
622,351
632,659
632,659

The average number of UK-contracted employees throughout the year, calculated on a full-time equivalent basis, was 17 (2021 - 18).

There were no employees whose annual remuneration was more than £60,000.

11 Net gains/(losses) on investments

Unrestricted Unrestricted Unrestricted Unrestricted
funds funds
2022 2021
£ £
Revaluation of investments (141,564) 142,321

12 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

DocuSign Envelope ID: 99E84E6B-CF26-46D8-BF00-1E37ECEAE0D2

REDEMPTORIST PUBLICATIONS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

13
Tangible fixed assets
Cost or valuation
At 1 January 2022
Additions
At 31 December 2022
Depreciation and impairment
At 1 January 2022
Depreciation charged in the year
At 31 December 2022
Carrying amount
At 31 December 2022
At 31 December 2021		 Freehold
property
£
1,118,846
-
1,118,846
192,000
12,000
204,000
914,846
926,846		 Plant and
machinery
£
200,944
-
200,944
172,859
4,213
177,072
23,872
28,085		 Computers Motor vehicles
£
£
364,407
34,138
9,130
-
373,537
34,138
329,669
34,138
25,689
-
355,358
34,138
18,179
-
34,739
-		 Total
£
1,718,335
9,130
1,727,465
728,666
41,902
770,568
956,897
989,670

Land and buildings with a carrying amount of £423,500 were revalued to £600,000 at 29 February 2000 by G B Glanfield B.Sc (Hons) ARICS, independent valuers not connected with the Charity on the basis of market value. The valuation conformed to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties. Since that date, the charitable company took advantage of the provisions of FRS15 not to implement a policy of revaluation and have since held the property at the carrying value of £600,000.

At 31 December 2022, had the revalued assets been carried at historic cost less accumulated depreciation and accumulated impairment losses, their carrying amount would have been approximately £798,356 (2021 - £806,826).

Since the revaluation above additional building costs of £518,846 have been incurred on a residential property on the same site and those additions are shown at cost. This residential property is not depreciated on the basis that the difference between its cost and residual value is not material; it has an estimated useful economic life in excess of 50 years and is the subject of regular maintenance and repair. The trustees undertake an annual impairment review to confirm there is no material impairment of the property.

DocuSign Envelope ID: 99E84E6B-CF26-46D8-BF00-1E37ECEAE0D2

REDEMPTORIST PUBLICATIONS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

14 Fixed asset investments

Listed
investments
£
Cost or valuation
At 1 January 2022 985,798
Valuation changes (141,564)
At 31 December 2022 844,234
Carrying amount
At 31 December 2022 844,234
At 31 December 2021 985,798
15 Stocks
2022 2021
£ £
Finished goods and goods for resale 196,751 264,116

Impairment losses reversed of £24,881 (2021 - impairment losses £99,432) have been charged in the year.

16 Debtors

Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income		 2022
£
238,406
25,102
78,487
341,995		 2021
£
211,528
35,437
67,637
314,602

DocuSign Envelope ID: 99E84E6B-CF26-46D8-BF00-1E37ECEAE0D2

REDEMPTORIST PUBLICATIONS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

17 Creditors: amounts falling due within one year

Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income		 2022
£
37,131
82,499
200,202
77,941
397,773		 2021
£
6,931
58,011
202
68,570
133,714

Included within other creditors is a £200,000 loan from The Congregation of the Most Holy Redeemer (CMHR). This is due within one year and repayable on demand. See note 22 for further information.

18 Government grants

Government grants relate to claims made under the coronavirus job retention scheme and are recognised in the profit and loss account in the same period as the costs to which they relate.

19 Retirement benefit schemes

Defined contribution schemes

The Charitable Company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the Charitable Company in an independently administered fund.

The charge to profit or loss in respect of defined contribution schemes was £27,958 (2021 - £27,290).

At the balance sheet date £2,409 (2021 - £nil) was payable in respect of these costs.

20 Designated funds

The income funds of the Charitable Company include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:

Movement Movement
in funds in funds
Balance at Incoming Balance at Incoming Balance at
1 January 2021 resources 1 January 2022 resources 31 December
2022
£ £ £ £ £
St Clements fund 518,846 - 518,846 - 518,846
Office buildings reserve 302,801 - 302,801 - 302,801
Working capital reserve 1,000,000 - 1,000,000 - 1,000,000
1,825,177 - 1,821,647 - 1,821,647

St Clements fund

This fund is the value of the St Clements property owned by the Charitable Company that is provided for use by the Redemptorist community.

DocuSign Envelope ID: 99E84E6B-CF26-46D8-BF00-1E37ECEAE0D2

REDEMPTORIST PUBLICATIONS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

20 Designated funds

(Continued)

Office buildings reserve

This fund represents the premises used by the Charitable Company in the course of its normal operations. The depreciation related to the revalued part of the 'cost' in the accounts is adjusted against the revaluation reserve.

Working capital reserve

This fund represents the working capital designated by the Trustees as being required to maintain the Charitable Company's normal operational capacity.

21 Analysis of net assets between funds

Analysis of net assets between funds
Unrestricted
Unrestricted
funds funds
2022 2021
£ £
Fund balances at 31 December 2022 are represented by:
Tangible assets 956,897 989,670
Investments 844,234 985,798
Current assets/(liabilities) 487,519 701,908
2,288,650 2,677,376
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
2022 2021
£ £
Aggregate compensation 60,878 77,545

22 Related party transactions

DocuSign Envelope ID: 99E84E6B-CF26-46D8-BF00-1E37ECEAE0D2

REDEMPTORIST PUBLICATIONS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

22 Related party transactions

(Continued)

The Charitable Company is controlled by its members who are also directors and trustees.

During the year, no expenses were reimbursed trustees (2021 - none).

The Charitable Company is related to The Congregation of the Most Holy Redeemer (CMHR), a registered charity, by virtue of the common control by the same group of persons. All transactions during the year were on an arm's length basis.

Charitable donations of £107,351 (2021 - £107,351) were paid and pledged to CMHR during the year.

As part of its charitable support for CMHR the Charitable Company provides payroll and administrative services including the payment of salaries in advance of reimbursement. At the balance sheet date, the Charitable Company owed £54 (2021 - was owed £319).

During the year, there were amounts received from the CHMR of £200,000 in respect to a short term loan. The full amount was owing at the year end. The loan is due within one year and is repayable on demand.

The Charitable Company is related to Ace of Clubs (Clapham), a registered charity, by virtue of the common control by the same group of persons.

As part of its charitable support for Ace of Clubs (Clapham) the Charitable Company provides payroll and administrative services including the payment of salaries in advance of reimbursement.

Residential property owned by Redemptorist Publications is occupied by one of the officers, who is entitled to live there by virtue of his role in the organisation.

23 Cash generated from operations 2022 2021
£ £
Deficit for the year (388,726) (98,694)
Adjustments for:
Investment income recognised in statement of financial activities (671) (22)
Gain on disposal of tangible fixed assets - (2,315)
Fair value gains and losses on investments 141,564 (142,321)
Depreciation and impairment of tangible fixed assets 41,903 47,507
Movements in working capital:
Decrease in stocks 67,365 174,888
(Increase) in debtors (27,369) (35,815)
Increase/(decrease) in creditors 264,059 (6,027)
Cash generated from/(absorbed by) operations 98,125 (62,799)

24 Analysis of changes in net funds

The Charity had no debt during the year.